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Nice spinning top at an old support/now resistance and also resistance from the top of a WRB. Note it's also happening on low volume.... |
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Looks like a great setup from a long-term short
Seq of events of Distribution
initial Buying Climax, 9/24 first transfer of ownership.
Supply overcoming demand on 10/29
Upthrust on 11/9 signs that the distribution period is ending
11/12, Sign of Weakness (SOW) as we break the range bottom and trend line from Aug the Lows.
Test of the area of "last point of supply" occuring today.
Looks like a high prob short with target of the Aug Lows.
Hank pruden does a great job explaining the these sequence of events in his book.
http://www.hankpruden.com/